UBS Maintains a 'Neutral' on Horizon Technology Finance (HRZN); Q4 Review
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Price: $4.90 -2.2%
Rating Summary:
5 Buy, 10 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 10 | Down: 18 | New: 20
Rating Summary:
5 Buy, 10 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 10 | Down: 18 | New: 20
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UBS maintains a 'Neutral' on Horizon Technology Finance (NASDAQ: HRZN) price target raised from $14 to $16.
UBS analyst says, "An increase in unrealized depreciation drove the incentive fee lower than expected. As a reminder, HRZN does not have any capital losses so it accrues the incentive fee on potential capital gains (and reverses the accrual on unrealized depr). Core EPS was in line with our est after normalizing the incentive fee. HRZN offers an attractive 11% dividend yield supported by $0.83 of spill over income with future potential warrant monetizations; however, we believe shares trade at a discount to peers until access to lower cost debt capital improves."
UBS cut FY12 EPS estimate from $1.64 to $1.49 and FY13 from $1.85 to $1.68.
For an analyst ratings summary and ratings history on Horizon Technology Finance click here. For more ratings news on Horizon Technology Finance click here.
Shares of Horizon Technology Finance closed at $16.44 yesterday.
UBS analyst says, "An increase in unrealized depreciation drove the incentive fee lower than expected. As a reminder, HRZN does not have any capital losses so it accrues the incentive fee on potential capital gains (and reverses the accrual on unrealized depr). Core EPS was in line with our est after normalizing the incentive fee. HRZN offers an attractive 11% dividend yield supported by $0.83 of spill over income with future potential warrant monetizations; however, we believe shares trade at a discount to peers until access to lower cost debt capital improves."
UBS cut FY12 EPS estimate from $1.64 to $1.49 and FY13 from $1.85 to $1.68.
For an analyst ratings summary and ratings history on Horizon Technology Finance click here. For more ratings news on Horizon Technology Finance click here.
Shares of Horizon Technology Finance closed at $16.44 yesterday.
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